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Paramount posts another quarter of streaming profit, but linear TV and studio struggles pressure revenue
Paramount Global (PARA) reported third quarter earnings before the bell on Friday that showed further strength in streaming as it gets ready to combine with Skydance Media.
The media giant posted its second quarter of profit in a row for the segment, meaning profitability has improved by $1 billion over the past year.
But Q3 revenue missed expectations as the company booked continued declines in its linear TV business and pullbacks in its studios segment.
The financial update comes as the entertainment giant focuses on cleaning up its balance sheet ahead of its merger with Skydance Media, which is expected to close in the first half of 2025.
Shares moved more than 1% higher in premarket trading immediately following the results.
Revenue came in at $6.73 billion, missing Bloomberg consensus expectations of $6.95 billion and was a 6% drop compared to the $7.13 billion seen in Q3 2023
Paramount reported adjusted earnings per share of $0.49, versus $0.30 in the year-earlier period. Consensus expectations were for earnings to come in closer to $0.23 a share.
Streaming was a bright spot in the quarter. Paramount reported operating income for its direct-to-consumer (DTC) segment of $49 million, a $287 million improvement from the prior-year period.
Analysts had expected a loss for this segment of $161.5 million after the company reported operating income of $26 million in the second quarter, following a loss of $286 million in the first quarter.
For the nine months ending Sept. 30, the streaming division was still operating at a loss of $211 million. But the company has maintained previous guidance that it remains on track to reach domestic profitability for Paramount+ in 2025.
The streamer currently boasts 72 million total subscribers after gaining 3.5 million net additions in the third quarter. The gains are mostly due to the return of NFL and college football, in addition to original series like “Tulsa King” and post-theatrical releases like “A Quiet Place: Day One” and “If.”
Analysts had expected subscriber gains of 2.4 million, compared to the 2.7 million net additions the company reported a year ago.
Outside of subscriber strength, Paramount saw an 18% year-over-year jump in streaming advertising revenue.
On the flip side, linear advertising revenue once again declined though it did improve on a sequential basis. The segment dropped 2% year over year, compared to the 11% drop in Q2. Consensus estimates had pegged the segment revenue to fall 5%.
Linear profits also fell 19%, continuing their plunge amid greater cord-cutting trends that have slowed carriage-free growth and pressured distribution rates.
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Between March 2022 and July 2023, the Federal Reserve raised its benchmark rate 11 times. As a result, money market account (MMA) interest rates rose sharply.
However, the Fed slashed the federal funds rate by 50 basis points in September. So deposit rates — including money market account rates — have started falling. It’s more important than ever to compare MMA rates and ensure you earn as much as possible on your balance.
Although money market account rates are elevated by historical standards, the national average rate for MMAs is just 0.64%, according to the FDIC. The good news: Top high-yield money market accounts offer upwards of 5% APY — more than seven times the national average.
That’s why it’s important to shop around before opening a money market account. Interest rates vary widely, but there are several banks (in particular, online banks) and credit unions with highly competitive offers.
Here’s a look at some of the top MMA rates available today:
See our picks for the 10 best money market accounts available today>>
Additionally, the table below features some of the best savings and money market account rates available today from our verified partners.
Online banks operate exclusively via the web. This significantly reduces their overhead costs, so they’re able to pass those savings onto customers in the form of high deposit rates and low fees. If you’re searching for the best money market account rates, online banks are a great place to start.
That said, online banks aren’t the only place you can find savings accounts with rates of 4% to 5% APY. Credit unions are not-for-profit financial cooperatives, and are also know for providing competitive rates and fewer fees. Many credit unions have certain requirements that must be met in order to become a member, though there are some that allow just about anyone to join.
Read more: Are online banks really safe?
Money market accounts can be a great option for short-term savings goals, like building an emergency fund or setting aside money for an upcoming expense. They generally offer higher interest rates than regular savings accounts, and they provide easier access to your money compared to some other options like certificates of deposit (CDs).
Money market accounts are also considered low-risk, and they are FDIC-insured up to the standard $250,000 per depositor, per institution. This makes them safer than money market funds, which can be subject to market risk.
However, keep in mind that many money market accounts require a minimum balance to open the account and earn the highest advertised rate. If you can’t maintain this balance, you might incur fees or miss out on the best rates.
And although you can generally access your funds as needed, MMAs may limit the number of transactions you can make each month. If you need frequent access to your money, this might be a consideration.
Read more: Is there a penalty for withdrawing from your money market account?
When a money market account makes sense:
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You want to earn more interest than a regular savings account without locking up your money in a CD.
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You can maintain the minimum balance to avoid fees.
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You want to keep funds easily accessible for emergencies or near-term expenses.
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